Despite the cooling market, INXS guitarist Tim Farriss appears to be holding out for the right buyer for his long-time Kangaroo Valley property.
Mid-last year, Farriss and wife Beth listed their Kangaroo Valley farm/cottage retreat after 30 years.
'Willabrook', a 37-hectare property at 30 Parrishs Road, Upper Kangaroo River initially had an asking price of $4.5 million to $4.9 million.
Selling agent, Belle Property Berry's Nick Dale said the price guide was now $4.5 million.
Although not sold, Mr Dale said it had attracted much interest from Sydneysiders seeking leisure-style/holiday properties.
"We've had at least half-a-dozen confirmed Expressions of Interest, but we haven't been able to secure the right price yet," he said.
An original 1920s-style homestead, the working cattle property has also operated as a luxury country holiday rental.
The main homestead has five bedrooms, plus two one-bedroom cottages.
A key feature is the private river flat that forms a natural island and is surrounded by the waters of Kangaroo River, complete with quiet billabongs and grassy banks that are used for camping and family get-togethers.
Other notable features include a self-contained manager's cottage, vegetable garden, fountain and garden settings.
Last year, Belle Property Berry's Gary Dale said the property had been a sanctuary for the Farriss family.
"That's why they've kept it for 30 years, because it's really been a sanctuary from the heavy world of rock," he told the Mercury.
Mr Dale described it as the "perfect working farm", and had a full-time on-site caretaker.
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Tax deductions at risk
More and more Australians may be choosing to live in their investment property before it is rented out and this trend places thousands of people at risk of missing out on lucrative tax deductions, according to BMT Tax Depreciation.
New data from the company relating to the 2018/19 financial year to date shows more than one in four people had lived in their property prior to renting it out, representing a jump of nearly 2.3 per cent over the previous financial year.
Chief executive officer of BMT Bradley Beer said that following changes to tax depreciation laws, many of these people may be at risk of losing thousands of dollars in tax deductions at a time when the property market is already experiencing deteriorating conditions.
"Owners of income-producing investment properties can claim lucrative tax deductions for 'plant and equipment' items in a property such as carpet or air conditioning units," he said.
"However, under the new laws, if an investor is living in a property at the time the assets are installed the items will be considered previously used and cannot be claimed."
Mr Beer said unless they have a good reason, investors who are planning on installing new plant and equipment assets should make these additions after they move out of the property and it has been listed for rent.